Examples of P&I Certificates in a sentence
The Trustee, by its execution and delivery hereof, acknowledges the assignment to it of the Grantor Trust I Assets and declares that it holds and will hold such assets in trust for the exclusive use and benefit of all present and future Holders of the Class P-I Certificates.
NIMS Transaction shall mean any transaction in which NIM Securities are secured, in part, by the payments on the Class X or Class P-I Certificates issued by the Trust Fund.
NIM Security shall mean any net interest margin security issued by an owner trust or special purpose entity that is holding all rights, title and interest in and to the Class X or Class P-I Certificates issued by the Trust Fund.
This point is meaningless because the Prospectuses did not identify mass modifications as an itemized risk factor for any certificates—perhaps because few expected the magnitude of the foreclosure crisis—yet Och-Ziff would have the P&I Certificates bear it alone.
NIM Security shall mean any net interest margin security issued by an owner trust or special purpose entity that is holding all rights, title and interest in and to the Class 1-X or Class P-I Certificates issued by the Trust Fund.
Thus, perversely, Och-Ziff’s proposed diversion of cash flows to the IO Certificates would actually increase the precise risk that subordination is intended to decrease by making it more likely that the Senior P&I Certificates will suffer Realized Losses.
The IO Certificates do not have a claim to these cash flows; only the P&I Certificates do.
On any Distribution Date, the lesser of (i) 100% and (ii) the percentage obtained by dividing the aggregate Current Principal Amounts of all the Group 3 Senior P&I Certificates immediately preceding such Distribution Date by the aggregate Scheduled Principal Balance of the Mortgage Loans (other than the PO Percentage) in the related Mortgage Loan Group immediately preceding such Distribution Date.
In furtherance of such intention, the Trustee shall furnish or cause to be furnished (i) to the Holders of the Offered P&I Certificates and (ii) to the Holder of the Class CE Certificates and shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable, their allocable shares of income and expenses with respect to the property held by the Grantor Trust, at the time or times and in the manner required by the Code.
On any Distribution Date, the lesser of (i) 100% and (ii) the percentage obtained by dividing the aggregate Current Principal Amounts of all the Group 4 Senior P&I Certificates immediately preceding such Distribution Date by the aggregate Scheduled Principal Balance of the Mortgage Loans (other than the PO Percentage) in the related Mortgage Loan Group immediately preceding such Distribution Date.